NashvilleTN
Member
Is there any bad things that go along with offering collateral for a loan... other than they will take all of your stuff if you do not pay them back? The rep for the financial institution that I am talking to is making it sound unappealing and did not even want to offer it. I do not plan on not making payments and if I am unable to I would pretty much expect to be ruined anyway so whats the difference if they take all of my stuff? Would you do it?
My chipper is worth maybe $25,000. Has blown engine which will cost $15,000 plus a potential additional $6,000 if the core is bad which we will not know until they send it back. I can afford to pay this but do not feel it is wise considering the value of the chipper. I also can afford to to buy a used chipper for $10-20k but I do not feel that is wise either because what if its engine blows?
Any experiences, advice or guidance appreciated
My chipper is worth maybe $25,000. Has blown engine which will cost $15,000 plus a potential additional $6,000 if the core is bad which we will not know until they send it back. I can afford to pay this but do not feel it is wise considering the value of the chipper. I also can afford to to buy a used chipper for $10-20k but I do not feel that is wise either because what if its engine blows?
Any experiences, advice or guidance appreciated